Poolz Finance was exploited nearly 400,000 USD, had to re-initialize smart contract

The Poolz Finance (POOLZ) launchpad project was exploited by a vulnerability on BNB Chain and Polygon, losing nearly 400,000 USD and had to re-initialize its smart contract.

Poolz Finance was exploited for nearly 400,000 USD, had to re-initialize smart contract

On March 15, an attack targeting the Poolz Finance launchpad on BNB Chain and Polygon resulted in a total loss of $390,000 in assets in various coins.

The attack was first reported by on-chain investigation unit PeckShield. After investigating, PeckShield said the problem was caused by an “arithmetic overflow” error in the smart contract, a fundamental error that occurs when a calculation produces a result larger than the actual amount can be. storage.

Hackers took advantage of the vulnerability and tried to extract funds from the protocol using a repetitive transaction pattern in the Token Vesting contract, as observed by PeckShield.

Poolz Finance, after becoming aware of the problem, said that the team is currently “breaking and rebuilding” a new smart contract, which keeps the same amount of liquidity before it was hacked. Users will be airdropped according to the amount they are holding.

The project has withdrawn the existing liquidity from the DEX exchanges Uniswap and Pancakeswap. In addition, Poolz also flagged the hacker’s address and froze the stolen POOLZ on the ChainPort bridge.

Users are advised not to interact with Poolz’s smart contract as it may result in loss of funds.

Before the above negative news, the price of POOLZ dumped strongly from 4.1 USD to 0.137 USD, equivalent to more than 96%.

POOLZ price movement for the last 7 days, CoinMarketCap screenshot at 01:53 PM on 16/03/2023

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